(AADR) DORSEY WRIGHT ADR ETF
NAV as of 12/6/2019
$51.72
1 Day NAV Change as of 12/6/2019
$0.19
AADR
Overview
The AdvisorShares Dorsey Wright ADR ETF (Ticker: AADR) is an actively managed strategy that seeks long-term capital appreciation using a technical, systematically-driven investment approach that seeks to outperform international benchmarks such as the MSCI EAFE Index and the BNY Mellon Classic ADR Index. AADR is managed by Dorsey, Wright & Associates, LLC, a firm renowned for their core philosophy of relative strength investing, which AADR’s investment focus follows. Relative strength investing involves buying securities that have appreciated in price more than the other securities in their investment universe and holding those securities until they exhibit sell signals. AADR’s investment process is purely systematic and removes any human emotion from the day-to-day decision making.
In implementing AADR’s strategy, Dorsey Wright measures relative strength across both macroeconomic sector and international equity models and then takes an unconstrained approach to selecting securities for its international portfolio. The investment strategy does not give consideration to the allocation between developed and emerging markets, and will allocate between the two depending on global price trends.
| Symbol | Exchange | Inception Date | CUSIP | Indicative Value |
|---|---|---|---|---|
| AADR | NYSE Arca | 7/20/2010 | 00768Y206 | AADR.IV |
<strong>Why Invest in AADR?</strong>
AADR can serve as an alpha-seeking complement to a broad-based market cap weighted position, such as a fund that tracks the MSCI EAFE Index, as well as a standalone investment solution for international equity exposure.
<strong>5 Key Attributes</strong>
- Concentrated Portfolio of Highest-Ranked – AADR typically has a portfolio of less than 40 equities that demonstrate favorable relative strength characteristics according to Dorsey Wright’s proprietary macroeconomic sector ranking and individual stock rotation methodology.
- Unconstrained International Equity Portfolio – AADR is uniquely positioned from an investment opportunity perspective because it is not limited by style (value or growth), investment capitalization (small, mid or large), or even classification of international market (emerging or developed).
- Systematic Approach – AADR’s investment process is entirely systematic and is designed to remove human emotion from the decision process. This approach allows the portfolio manager the ability to continually execute their proven investment process through all types of different markets. The process also allows the portfolio manager the ability to analyze a large number of markets that may become very different over time.
- Relative Strength Analysis – AADR uses relative strength which compares price performance within a universe of stocks. Relative strength investing provides a repeatable process to identify and select the leaders while avoiding the laggards. It is important to be equally good at identifying both long-term winners and losers.
- Disciplined Sell Process – Securities are automatically sold from the portfolio when they fall below a predetermined rank threshold. The sell rank is determined when the security is purchased and is not adjusted for different market scenarios. The sell process is entirely based on technical, systematic ranks and does not allow for any portfolio manager discretion or overrides.
<strong>About American Depositary Receipts</strong>
An American depositary receipt (ADR) is a negotiable U.S. security that generally represents a company’s publicly traded equity or debt. Depositary receipts are created when a broker purchases a non-U.S. company’s shares on its home stock market and delivers the shares to the depositary’s local custodian bank, and then instructs the depositary bank such as BNY Mellon, to issue depositary receipts.
<strong>About the Portfolio Manager</strong>
John G. Lewis, Senior Vice President & Senior Portfolio Manager
Mr. Lewis joined Dorsey Wright Money Management in 2002. As Senior Portfolio Manager, he is responsible for investment strategy across DWA’s funds, ETFs, UITs and SMA accounts. He has worked in the investment industry since 1994. Mr. Lewis has conducted extensive research on relative strength and has authored several original research papers on the subject and works closely with the investment team on new product development. He holds a Bachelor of Business Administration from the University of San Diego and an MBA from the University of Southern California.
Fund
Price History
As of 12/6/2019
| NAV | $51.72 | Closing Price | $51.55 |
| Change | $0.19 | Close Change | $0.17 |
| Shares Outstanding | 2,000,000 | Volume | 9,970 |
| 4PM Bid/Offer Midpoint | $51.57 | Premium Discount | $-0.15 |
| Assets Under Management | $103,437,010.17 |
Premium/Discount Historical Data | NAV Historical Data
Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.
FUND
Performance
As of 10/31/2019
| NAV | Market Price Return | MSCI EAFE Index | BNY Mellon Classic ADR Index | |
|---|---|---|---|---|
| 1 Month | 5.65 | 5.71 | 3.59 | 3.52 |
| 3 Months | -0.14 | -0.38 | 3.80 | 3.35 |
| YTD | 26.60 | 26.79 | 16.86 | 16.29 |
| 1 Year | 9.33 | 8.89 | 11.04 | 3.52 |
| 3 Years | 7.50 | 7.38 | 8.48 | 3.35 |
| 5 Years | 6.76 | 6.68 | 4.31 | 4.00 |
| Since Inception (7/20/2010, Annualized) | 8.54 | 8.50 | 6.51 | 5.83 |
As of 9/30/2019
| NAV | Market Price Return | MSCI EAFE Index | BNY Mellon Classic ADR Index | |
|---|---|---|---|---|
| 1 Month | -3.59 | -3.66 | 2.87 | 2.58 |
| 3 Months | -3.81 | -4.11 | -1.07 | -1.78 |
| YTD | 19.83 | 19.94 | 12.80 | 12.34 |
| 1 Year | -10.45 | -10.76 | -1.34 | -0.91 |
| 3 Years | 6.46 | 6.20 | 6.48 | 6.43 |
| 5 Years | 5.91 | 5.81 | 3.27 | 3.24 |
| Since Inception (7/20/2010, Annualized) | 7.98 | 7.92 | 6.16 | 5.49 |
Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.
The performance for periods before 09/01/16 is for the AdvisorShares WCM/BNY Mellon Focused Growth ADR ETF (the “Predecessor Fund”) which was renamed the AdvisorShares Dorsey Wright ADR ETF on 09/01/16. The Predecessor Fund had different portfolio managers and investment strategy than the Dorsey Wright ADR ETF. Performance prior to 09/01/16 reflects the Fund’s performance prior to the change in manager and investment strategy and may not be indicative of the Fund’s performance under the new manager and revised investment strategy. Performance since 09/01/16 reflects actual Dorsey Wright ADR ETF performance.
The MSCI EAFE Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. One cannot invest directly in an index.
The BNY Mellon Classic ADR Index combines the over the counter (OTC) traded ADRs with exchange-listed ADRs bringing transparency to the available universe of American Depositary Receipts, including those issued by many of the world’s premier companies. One cannot invest directly in an index.
Fund
Holdings
As of 12/6/2019
| Date | Account Symbol | Stock Ticker | CUSIP/Number | Security Description | Shares/Par (Full) | Price (Base) | Traded Market Value (Base) | Portfolio Weight % | Asset Group | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12/06/2019 | AADR | GLPG | 36315X101 | GALAPAGOS NV-SPON ADR | 27,216 | 213.50 | 5,810,616.00 | 5.62% | FS | 1 |
| NICE | 653656108 | NICE LTD | 32,304 | 150.00 | 4,845,600.00 | 4.68% | FS | 1 | ||
| ARGX | 04016X101 | ARGENX SE - ADR | 25,765 | 147.42 | 3,798,276.30 | 3.67% | FS | 1 | ||
| CZZ | G25343107 | COSAN LTD-CLASS A SHARES | 191,660 | 18.72 | 3,587,875.20 | 3.47% | FS | 1 | ||
| MELI | 58733R102 | MERCADOLIBRE INC | 6,153 | 583.00 | 3,587,199.00 | 3.47% | S | 1 | ||
| ALLE | G0176J109 | ALLEGION PLC | 28,805 | 122.99 | 3,542,726.95 | 3.43% | FS | 1 | ||
| EADSY | 9279100 | AIRBUS SE - UNSP ADR | 98,399 | 35.15 | 3,458,724.85 | 3.34% | FS | 1 | ||
| LVMUY | 502441306 | LVMH MOET HENNESSY-UNSP ADR | 37,990 | 88.60 | 3,365,914.00 | 3.25% | FS | 1 | ||
| GFI | 38059T106 | GOLD FIELDS LTD-SPONS ADR | 555,917 | 5.79 | 3,218,759.43 | 3.11% | FS | 1 | ||
| AU | 35128206 | ANGLOGOLD ASHANTI-SPON ADR | 169,476 | 18.77 | 3,181,064.52 | 3.08% | FS | 1 | ||
| ASML | N07059210 | ASML HOLDING NV-NY REG SHS | 10,794 | 280.09 | 3,023,291.46 | 2.92% | FS | 1 | ||
| GOL | 38045R206 | GOL LINHAS AEREAS INTEL-ADR | 168,795 | 17.39 | 2,935,345.05 | 2.84% | FS | 1 | ||
| WNS | 92932M101 | WNS HOLDINGS LTD-ADR | 46,159 | 63.46 | 2,929,250.14 | 2.83% | FS | 1 | ||
| ICLR | G4705A100 | ICON PLC | 17,844 | 162.90 | 2,906,787.60 | 2.81% | FS | |||
| ZTO | 98980A105 | ZTO EXPRESS CAYMAN INC-ADR | 137,456 | 20.92 | 2,875,579.52 | 2.78% | FS | |||
| AZN | 46353108 | ASTRAZENECA PLC-SPONS ADR | 59,600 | 47.68 | 2,841,728.00 | 2.75% | FS | |||
| TAL | 874080104 | TAL EDUCATION GROUP- ADR | 59,680 | 46.11 | 2,751,844.80 | 2.66% | FS | |||
| NSRGY | 641069406 | NESTLE SA-SPONS ADR | 25,804 | 104.79 | 2,704,001.16 | 2.61% | FS | |||
| LUKOY | 69343P105 | LUKOIL PJSC-SPON ADR | 27,026 | 97.65 | 2,638,953.77 | 2.55% | FS | |||
| CRH | 12626K203 | CRH PLC-SPONSORED ADR | 67,026 | 38.74 | 2,596,587.24 | 2.51% | S | |||
| SNN | 83175M205 | SMITH & NEPHEW PLC -SPON ADR | 58,671 | 44.08 | 2,586,217.68 | 2.50% | FS | |||
| FLY | 34407D109 | FLY LEASING LTD-ADR | 129,713 | 19.59 | 2,541,077.67 | 2.46% | FS | |||
| AER | N00985106 | AERCAP HOLDINGS NV | 41,464 | 60.82 | 2,521,840.48 | 2.44% | FS | |||
| EDU | 647581107 | NEW ORIENTAL EDUCATIO-SP ADR | 20,646 | 120.79 | 2,493,830.34 | 2.41% | FS | |||
| SBGL | 825724206 | SIBANYE GOLD LTD-SPONS ADR | 297,620 | 8.24 | 2,452,388.80 | 2.37% | FS | |||
| NVS | 66987V109 | NOVARTIS AG-SPONSORED ADR | 25,205 | 92.07 | 2,320,624.35 | 2.24% | FS | |||
| DEO | 25243Q205 | DIAGEO PLC-SPONSORED ADR | 14,206 | 162.05 | 2,302,082.30 | 2.23% | FS | |||
| IBN | 45104G104 | ICICI BANK LTD-SPON ADR | 153,908 | 14.70 | 2,262,447.60 | 2.19% | FS | |||
| PHG | 500472303 | KONINKLIJKE PHILIPS NVR- NY | 46,096 | 47.15 | 2,173,426.40 | 2.10% | FS | |||
| SAP | 803054204 | SAP SE-SPONSORED ADR | 16,002 | 135.00 | 2,160,270.00 | 2.09% | FS | |||
| BRFS | 10552T107 | BRF SA-ADR | 237,864 | 8.87 | 2,109,853.68 | 2.04% | FS | |||
| TLK | 715684106 | TELEKOMUNIK INDONESIA-SP ADR | 72,652 | 28.90 | 2,099,642.80 | 2.03% | FS | |||
| NXPI | N6596X109 | NXP SEMICONDUCTORS NV | 17,620 | 118.67 | 2,090,965.40 | 2.02% | FS | |||
| EBR | 15234Q207 | CENTRAIS ELETRICAS BR-SP ADR | 241,588 | 8.61 | 2,080,072.68 | 2.01% | FS | |||
| TRI | 884903709 | THOMSON REUTERS CORP | 28,480 | 70.96 | 2,020,940.80 | 1.95% | FS | |||
| RDY | 256135203 | DR. REDDY'S LABORATORIES-ADR | 46,969 | 40.42 | 1,898,486.98 | 1.84% | FS | |||
| ALC | H01301128 | ALCON INC | 5,041 | 55.76 | 281,086.16 | 0.27% | FS | |||
| X9USDAIMP | INVESCO GOVT AGENCY PRIV 1903 | 514,637 | 1.00 | 514,636.77 | 0.50% | MM | ||||
| CASH | -76,097.00 | 100.00 | -76,097.00 | -0.07% | CA |
Holdings and allocations are subject to risks and to change. A holding identified with an “MM” at the end of its name indicates it is a Money Market fund.
FUND
Characteristics
As of 10/31/2019
AADR Regional Allocation
AADR Sector Allocation
AADR Emerging vs Developed
AADR Country Allocation
FUND
Documents
FUND
Fees & Expenses
| Management Fee | 0.75% |
| Other Expenses | 0.35% |
| Expense Ratio | 1.10%* |
Last Ten
Fund Distributions
| Ex-Date | Record Date | Pay Date | Cash Div | ST Cap Gain | LT Cap Gain | Return of Capital | Total Distribution (per share) | AADR |
|---|---|---|---|---|---|---|---|---|
| 12/27/2019 | 12/30/2019 | 12/31/2019 | - | - | - | - | - | |
| 09/25/2019 | 09/26/2019 | 09/30/2019 | $0.00849 | $0.0000 | $0.0000 | $0.0000 | $0.00849 | |
| 06/25/2019 | 06/26/2019 | 06/28/2019 | $0.30609 | $0.0000 | $0.0000 | $0.0000 | $0.30609 | |
| 03/26/2019 | 03/27/2019 | 03/29/2019 | $0.00055 | $0.0000 | $0.0000 | $0.0000 | $0.00055 | |
| 12/27/2018 | 12/28/2018 | 12/31/2018 | $0.00000 | $0.0000 | $0.0000 | $0.0000 | $0.00000 | |
| 09/26/2018 | 09/27/2018 | 09/28/2018 | $0.00074 | $0.0000 | $0.0000 | $0.0000 | $0.00074 | |
| 06/25/2018 | 06/26/2018 | 06/29/2018 | $0.28385 | $0.0000 | $0.0000 | $0.0000 | $0.28385 | |
| 03/26/2018 | 03/27/2018 | 03/29/2018 | $0.01442 | $0.0000 | $0.0000 | $0.0000 | $0.01442 | |
| 12/27/2017 | 12/28/2017 | 12/29/2017 | $0.13034 | $0.0000 | $0.0000 | $0.0000 | $0.13034 | |
| 09/26/2017 | 09/27/2017 | 09/29/2017 | $0.00000 | $0.0000 | $0.0000 | $0.0000 | $0.00000 | |
| 06/23/2017 | 06/28/2017 | 06/30/2017 | $0.30343 | $0.0000 | $0.0000 | $0.0000 | $0.30343 | |
| 03/24/2017 | 03/28/2017 | 03/31/2017 | $0.00000 | $0.0000 | $0.0000 | $0.0000 | $0.00000 | |
| 12/23/2016 | 12/28/2016 | 12/30/2016 | $0.02990 | $0.0000 | $0.0000 | $0.0000 | $0.02990 | |
| 09/26/2016 | 09/28/2016 | 09/30/2016 | $0.11830 | $0.0000 | $0.0000 | $0.0000 | $0.11830 | |
| 06/24/2016 | 06/28/2016 | 06/30/2016 | $0.06000 | $0.0000 | $0.0000 | $0.0000 | $0.06000 | |
| 03/24/2016 | 03/29/2016 | 03/31/2016 | $0.02430 | $0.0000 | $0.0000 | $0.0000 | $0.02430 | |
| 12/24/2015 | 12/29/2015 | 12/31/2015 | $0.00610 | $0.0000 | $0.0000 | $0.0000 | $0.00610 | |
| 09/24/2015 | 09/28/2015 | 09/30/2015 | $0.10540 | $0.0000 | $0.0000 | $0.0000 | $0.10540 | |
| 06/24/2015 | 06/26/2015 | 06/30/2015 | $0.07690 | $0.0000 | $0.0000 | $0.0000 | $0.07690 | |
| 03/25/2015 | 03/27/2015 | 03/31/2015 | $0.12300 | $0.0000 | $0.0000 | $0.0000 | $0.12300 | |
| 12/24/2014 | 12/29/2014 | 12/31/2014 | $0.01100 | $0.0000 | $0.0000 | $0.0000 | $0.01100 | |
| 09/24/2014 | 09/26/2014 | 09/30/2014 | $0.02100 | $0.0000 | $0.0000 | $0.0000 | $0.02100 | |
| 06/24/2014 | 06/26/2014 | 06/30/2014 | $0.11500 | $0.0000 | $0.0000 | $0.0000 | $0.11500 | |
| 03/25/2014 | 03/27/2014 | 03/31/2014 | $0.03600 | $0.0000 | $0.0000 | $0.0000 | $0.03600 | |
| 12/24/2013 | 12/27/2013 | 12/31/2013 | $0.00900 | $0.0000 | $0.0000 | $0.0000 | $0.00900 | |
| 09/24/2013 | 09/26/2013 | 09/30/2013 | $0.01400 | $0.0000 | $0.0000 | $0.0000 | $0.01400 | |
| 06/24/2013 | 06/26/2013 | 06/28/2013 | $0.10200 | $0.0000 | $0.0000 | $0.0000 | $0.10200 | |
| 03/22/2013 | 03/26/2013 | 03/28/2013 | $0.00300 | $0.0000 | $0.0000 | $0.0000 | $0.00300 | |
| 12/24/2012 | 12/27/2012 | 12/31/2012 | $0.05600 | $0.0000 | $0.0000 | $0.0000 | $0.05600 | |
| 09/24/2012 | 09/26/2012 | 09/28/2012 | $0.00800 | $0.0000 | $0.0000 | $0.0000 | $0.00800 | |
| 06/25/2012 | 06/27/2012 | 06/29/2012 | $0.03900 | $0.0000 | $0.0000 | $0.0000 | $0.03900 | |
| 03/26/2012 | 03/28/2012 | 03/30/2012 | $0.00000 | $0.0000 | $0.0000 | $0.0000 | $0.00000 | |
| 12/23/2011 | 12/28/2011 | 12/30/2011 | $0.07300 | $0.1220 | $0.0000 | $0.0000 | $0.19500 | |
| 09/26/2011 | 09/28/2011 | 09/30/2011 | $0.00000 | $0.0000 | $0.0000 | $0.0000 | $0.00000 | |
| 06/24/2011 | 06/28/2011 | 06/30/2011 | $0.02000 | $0.0000 | $0.0000 | $0.0000 | $0.02000 | |
| 03/25/2011 | 03/29/2011 | 03/31/2011 | $0.00000 | $0.0000 | $0.0000 | $0.0000 | $0.00000 | |
| 12/23/2010 | 12/28/2010 | 12/31/2010 | $0.07000 | $0.0000 | $0.0000 | $0.0000 | $0.07000 | |
Contact Info
info@advisorshares.com
1.877.843.3831
Location
AdvisorShares Investments, LLC
4800 Montgomery Lane,
Suite 150
Bethesda, Maryland 20814
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund’s website at www.AdvisorShares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, distributor.
There is no guarantee that the Fund will achieve its investment objective. An investment in the Fund is subject to risk, including the possible loss of principal amount invested. Emerging Markets, which consist of countries or markets with low to middle income economics can be subject to greater social, economic, regulatory and political uncertainties and can be extremely volatile. Other Fund risks include concentration risk, foreign securities and currency risk, ADRs which may be less liquid, large-cap risk, early closing risk, counterparty risk and trading risk, which can increase Fund expenses and may decrease Fund performance. The Fund is, also, subject to the same risks associated with the underlying ETFs, which can result in higher volatility.
The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three- and five-year Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns.
© 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Overall AADR Morningstar rating is derived from a weighted average of the fund’s 3-, 5-, and 10- year (if applicable) risk-adjusted returns as of 8/31/2019. Category consists of 399 funds in 3 year and 343 in 5 year. AADR received a 3 star rating in the 3 year and a 4 star in the 5 year.
This Fund may not be suitable for all investors.
See prospectus for detail regarding risk.
Definitions
Alpha: Alpha, one of the most commonly quoted indicators of investment performance, is defined as the excess return on an investment relative to the return on a benchmark index.
ADR: An American Depositary Receipt (ADR) is a negotiable U.S. Security that generally represents a company’s publicly traded equity or debt. Depositary Receipts are created when a broker purchases a non-U.S. company’s shares on its home stock market and delivers the shares to the depositary’s local custodian bank, and then instructs the depositary bank to issue Depositary Receipts